Where Will Nifty Be in 1 month after the budget 2020 ?

[siddhant4u]

i think most of the tax payers (as well as consumers) are in the range between lower and upper middle class. when they get a tax relief, it would certainly be a boost to the economy, while maintaining the upper and higher class tax rates. it's like paying 1 rs from 100 people and 10 rs from 10 people, both counts same. my view is positive towards tax cut.

all i was saying is that 2% is insignificant number if you consider 130 cr population ( so not a vote bank) IMO company tax rate cut had wider reach

 

[moneymanager1980]

all i was saying is that 2% is insignificant number if you consider 130 cr population ( so not a vote bank) IMO company tax rate cut had wider reach

how 2% ? even govt employees will be 2% .. then u have private companies employees.. might be 15% ..

 

[travi]

how 2% ? even govt employees will be 2% .. then u have private companies employees.. might be 15% ..

Bhai, You are guessing and that's way off. 15% was never there, in current times we're at best at 3-4%

Google is there to explain why.

 

[moneymanager1980]

Bhai, You are guessing and that's way off. 15% was never there, in current times we're at best at 3-4%

Google is there to explain why.

every thing cant be resolved by google search .. all private limited employees are paying tax ..when i worked in pvt limited company in chennai my income tax deducted by company .. it is me who does not file the returns .. generally people are counting who files the return .. but in my case my income tax has been deducted and given to govt by company ..

 

[travi]

every thing cant be resolved by google search .. all private limited employees are paying tax ..when i worked in pvt limited company in chennai my income tax deducted by company .. it is me who does not file the returns .. generally people are counting who files the return .. but in my case my income tax has been deducted and given to govt by company ..

ok, have it your way.

India's pop is around 133 Cr.
Try and add your figures. you will come to know.

Just some starters, TCS 4L, Infy 2L, RIL 2L, Central Govt 40L and keep adding...
also, 48% of pop is under 21 ( wonder how many tax payers here )
and farmers in 65-70%

For the record, 15% is around 20 Cr ppl.

 

[moneymanager1980]

ok, have it your way.

India's pop is around 133 Cr.
Try and add your figures. you will come to know.

Just some starters, TCS 4L, Infy 2L, RIL 2L, Central Govt 40L and keep adding...
also, 48% of pop is under 21 ( wonder how many tax payers here )
and farmers in 65-70%

For the record, 15% is around 20 Cr ppl.

i am poor in all tax related stuff .. but refer attached file where it showing around 6 crore returns..
if iam not wrong .. one return for one individual? ..
further as said before many individual does not file any return but income tax on his salary will be deducted and given to govt by the companies itself .. i could be wrong .. but still 15 to 20 crore individual might be paying income tax ..
the last point in attachment shows 2.12 crores paid tax but did not files returns ..

 

[travi]

i am poor in all tax related stuff .. but refer attached file where it showing around 6 crore returns..
if iam not wrong .. one return for one individual? ..
further as said before many individual does not file any return but income tax on his salary will be deducted and given to govt by the companies itself .. i could be wrong .. but still 15 to 20 crore individual might be paying income tax ..
the last point in attachment shows 2.12 crores paid tax but did not files returns ..

Bhai, that document(s) I read each year. Only then i post / comment.

First, you have attached All Taxpayer. That number includes Firms / HUF / Companies / Everything.
Also note, Foreigners with Resident tax status also counted in individuals.
Context is personal IT cut in budget. Corporate already given.

Also that's why i asked you to Google. bcos the interpretation you are taking is very high.

In that 5.52 Cr, almost 2.5 Cr will be Inr. 0 tax payers, they will refund or/and make tax liability as 0.
Now, that 2 Cr ppl you mention who have not filed, are definitely ppl who will be having TDS in few hundreds/thousands only. I dont know anyone who can refund 10k or 1L and just skip filing return.

so again,
even higher side 5.5 / 133 = 4% ( This is what I said, 3-4% ) whereas i would actually consider only 4 Cr.
Now that in contrast to 15% is way off. ( @siddhant4u bhai and news papers are at 2% only which is realistic in terms of tax payers with considerable tax amount )

My last post, everyone can interpret how they want, i thought i'll put my weekend time to rest the brain.

Edit: Quoted source(s)
https://www.incometaxindia.gov.in/Documents/Direct Tax Data/IT-Return-Statistics-Assessment-Year-2018-19.pdf

 

[ncube]

Bhai, that document(s) I read each year. Only then i post / comment.

First, you have attached All Taxpayer. That number includes Firms / HUF / Companies / Everything.
Also note, Foreigners with Resident tax status also counted in individuals.
Context is personal IT cut in budget. Corporate already given.

View attachment 39921

Also that's why i asked you to Google. bcos the interpretation you are taking is very high.

In that 5.52 Cr, almost 2.5 Cr will be Inr. 0 tax payers, they will refund or/and make tax liability as 0.
Now, that 2 Cr ppl you mention who have not filed, are definitely ppl who will be having TDS in few hundreds/thousands only. I dont know anyone who can refund 10k or 1L and just skip filing return.

View attachment 39923

so again,
even higher side 5.5 / 133 = 4% ( This is what I said, 3-4% ) whereas i would actually consider only 4 Cr.
Now that in contrast to 15% is way off. ( @siddhant4u bhai and news papers are at 2% only which is realistic in terms of tax payers with considerable tax amount )

My last post, everyone can interpret how they want, i thought i'll put my weekend time to rest the brain.

Edit: Quoted source(s)
https://www.incometaxindia.gov.in/Documents/Direct Tax Data/IT-Return-Statistics-Assessment-Year-2018-19.pdf

Comparing 2% individual tax payers with total population is not a correct way to measure the tax relief impact. Usually in media this is misrepresented. We actually need to consider the total impact points...even if we assume just 2cr tax payers...there would be on average 2-3 dependents on that tax payer...so the total impact points would be around 8Cr..which is a decent %age. So I think there will be positive impact of tax relief..let's see how govt plan to give this relief.

 

[travi]

Comparing 2% individual tax payers with total population is not a correct way to measure the tax relief impact. Usually in media this is misrepresented. We actually need to consider the total impact points...even if we assume just 2cr tax payers...there would be on average 2-3 dependents on that tax payer...so the total impact points would be around 8Cr..which is a decent %age. So I think there will be positive impact of tax relief..let's see how govt plan to give this relief.

I said that was my last post
The original story was b/w @siddhant4u and @moneymanager1980 who said 15% as individual tax payers. I merely tried to clarify this point.

bhai, now where have I mentioned the measure of tax relief impact ? On the contrary, more tax collected also will help peedit/soshit/vanchit so imagine measure of that in Crores. This is the angle that Govt plays balancing act on.
In short, i've still not gone into pro's or cons of tax cut. That's for Govt to decide when and where. In earlier post also, i've said its unlikely this time but neither for or against.

 

[ncube]

I said that was my last post
The original story was b/w @siddhant4u and @moneymanager1980 who said 15% as individual tax payers. I merely tried to clarify this point.

bhai, now where have I mentioned the measure of tax relief impact ? On the contrary, more tax collected also will help peedit/soshit/vanchit so imagine measure of that in Crores. This is the angle that Govt plays balancing act on.
In short, i've still not gone into pro's or cons of tax cut. That's for Govt to decide when and where. In earlier post also, i've said its unlikely this time but neither for or against.

Ok... I just replied to the last post in this thread..not to contradict your reply.... that's why said let's wait and see what govt plan to do..as the impact will not be on just 2% but much more than that...